Egypt to receive soft loan worth $ 56.1 million from Arab fund

Egypt signed an agreement late Monday with the Arab Fund for Economic, and Social Development under which Egypt will receive a 56.1 million soft loan for potable water projects in some 108 villages.

The agreement was signed by State Minister for Foreign affairs Fayza Abul Naga and the board chairman of the Fund Abdel Lateef Al Hamad. The signing ceremony was attended by minister of housing rousing Mohammad Ibrahim Suliman.

statements, Abul Naga said Egypt enjoys a 3 percent interest rate with a grace period of five years. She added that the loan would be refunded in 20 years.

Contributions of the Arab Fund for Economic and Social Development in development projects in Egypt are estimated at $1. 7 0 3 billion , the state minister said.

She praised the Fund's role in boosting development efforts in Egypt.